The Council of Arab Ministers of Housing and Reconstruction held a key meeting at its Egypt headquarters to discuss the latest developments and challenges facing the housing sector. The meeting mainly focused on the rehabilitation of cities affected by conflicts and natural disasters in Arab countries, said a report.
Global construction activity is forecast to rise more than 70% by 2050, reaching $16.6 trillion, mainly driven by five megatrends: population growth and urbanisation; infrastructure and housing deficits; climate adaptation; sovereignty and strategic resilience; and high-tech infrastructure, said a report.
Steady progress is being made on the Muharraq Development Project with the Phase I work, which includes the construction and restoration of 300 housing units across six neighbourhoods as well as road and infrastructure development works, entering fast track, said a report.
Saudi Arabia has called for strengthening GCC integration in the housing sector and leveraging Gulf capabilities and expertise.
Saudi Arabia plans to deliver more than 300,000 new housing units in Riyadh over the next three years, Minister of Municipalities and Housing Majed Al-Hogail said on Sunday, underscoring the Kingdom’s push to balance supply and demand in its real estate market.
